PabloSantander
Short

EUR/CAD Bearish Engulfing In Play.

FX:EURCAD   Euro / Canadian Dollar
57 0 3
OUTLOOK:

EUR/CAD Reached a high of 1.40203 (50% of long tail pin bar ) before closing below 1.37600 area (neckline of inverted Head & Shoulder pattern found on the daily chart ) - inline with recent analysis where bear confirmation was required before a short could be placed.

Expect a slight pullback to the upside near weekly 61.8% fib level before prices break lower to the downside for a target of 1.35114 (weekly 76.4% Fib level - support).

BEAR INDICATORS:

1. Long tail pin bar
2. Deliberation Pattern (reversal pattern)
3. Bearish Engulfing Pattern ( Engulfing previous two bull candles)
4. Price closed below expected target of 1.37600 area (neckline of inverted Head & Shoulder pattern)

BULL INDICATORS:

1. Price still trading within weekly trend line - support.

TARGET
Target 1 - 1.35114
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